While January is typically not a busy month for handbag auctions, 2024 starts with a small selection from Artcurial crossing the block live in Monaco on January 17th. Preceded by a preview from the 14th through the 16th at the Hôtel Hermitage Monte-Carlo, this sale includes just 34 Hermes bags, ranging from the benign to the sublime.
We begin our selection with a trio of Hermes Mini Kellys:
Lot 402 is a striking Framboise Doblis Suede Mini Shoulder Kelly. No date is listed, which is understandable as the date stamps on suede bags can easily become illegible. Suede Mini Kellys are exceedingly rare on the secondary market, particularly at auction. Only eight suede Mini Kellys have sold at major auction houses over the last 13 years, only two of which were the shoulder style we have here, both of which were black, making this example an auction first. The estimate is about $13,000 - $16,500.
Lot 456 is a rare Hermes Kelly Crutch Clutch in black and silver Crinoline. This style has regularly been referred to as the Kelly Crutch Clutch (I even remember a mentor of mine showing me one early in my career and telling me it was called that). Still, lately, a thought has crept into my head, that “Crutch” is a phonetic spelling of the mispronounced “Clutch” and maybe this is just called the “Kelly Clutch.” Only Hermes could truly settle this matter! Returning to the bag at hand, this example is made from rare black Crinoline interwoven with silver threads. Another unconfirmed factoid I’ve heard about this material is that the silver threads are actually sterling silver. Kelly 25s in this material are extremely rare and valuable, almost never appearing on the market today. This makes other styles like this lot an accessible opportunity for collectors to acquire some kind of Kelly in this rare and beautiful material. The estimate is about $2,000 - $4,500
Lot 404 is beyond a Mini Kelly, in fact, it qualifies as a Micro Kelly. At just 15cm across this Kelly is more of an accessory than a bag. Released as part of the Candy Collection, this bag features two rings at the back to attach a short strap. Apparently in store-fresh condition with a full set, this is a rare opportunity to acquire a prime example of this decade-discontinued design. The estimate is about $15,000 - $20,000, which is high compared to the five-year auction average for this style, which just tops $13,000. Micro Birkins from this collection tend to bring more, averaging nearly $21,000 at auction over the last three years.
Two So Blacks are also on offer in this sale, in different materials, and different conditions:
Lot 413 is a Matte Alligator So Black Birkin 35. Without any of the accompanying black accessories, it is estimated at about $55,000 - $75,000. Christie’s sold a similar example in 2020 for over $145,000, one in 2018 for just over $38,000, and most recently in 2023 for $76,500. The all-time auction average is about $82,400 for the 13 examples sold.
Lot 414 is a Box So Black Birkin 35, this example coming to us in store-fresh condition with a full set of black accessories. Estimated at about $28,000 - $38,000, this bag could easily top its high estimate. Most recently Christie’s sold one for over $51,000 and the five-year auction average is nearly $37,000 with full set examples reliably bringing the highest results.
Two unusual Birkins also caught my attention:
Lot 433 is a Hermes Bleu de Prusse Box Birkin 30 with Palladium Gilloche Hardware. Guilloche is by far the rarest hardware Hermes uses, with a charming tooled diamond pattern that gives it a unique texture. Originally released in the early 2000s and re-released in the early 2010s it is one of the least appreciated rarities in the Hermes market today with the five-year auction average just topping $15,000. This example dates from 2014 and is estimated at about $13,000 - $16,500.
Lot 448 is an unusual Vibrato Birkin 35 with Raisin Box trim and a green and purple coloring scheme on the stacked and sliced chevre leather that creates the Vibrato body. This material has been discontinued for decades but is loved by collectors as each Vibrato bag is unique. Produced in many different color combinations, vibrant Vibrato Birkins like this one are most prized for their exceptional uniqueness. This bag is rather aggressively estimated at about $11,000 - $16,500 considering Vibrato Birkin 35s have historically averaged under $10,000 at auction. But earlier this year Sotheby’s set a new record for the style at $22,650 obliterating the previous $15,535 record set by Heritage back in 2011. In 2022 Christie’s set a new record for any Vibrato bag sold at auction with the sale of a Kelly 32 for over $26,600, so perhaps the tide is turning for this special and long-overlooked leather.
Finally, two larger bags may pique the interests of male collectors:
Lot 409 is a very unusual Birkin 40. The exterior is done in Matte Poudre Nilo Crocodile, one of the lightest colors Hermes has ever produced for exotics. Dating from 2004 this Birkin is from a run of vintage crocodile bags that feature Toile canvas interiors. This was meant to lighten the bags’ weights and add a casual element to the soft matte crocodile. Showing wear, this bag is exceptionally poised to develop a strong patina in the coming years with loving use, in line with trends growing towards long-term luxury displays wear proudly. The approximately $16,500 - $27,500 estimate is comfortably under the $30,000 - $35,000 average exotic Birkin 40s have enjoyed at auction over the last few years, and well below the $80K+ these bags currently retail for at Hermes.
Lot 441 is a first-edition Shadow Birkin 35 in Ebene. Since the release of the Mini Shadow Birkin and the 35s accompanying re-release, the Shadow Birkin has gained fans with many new collectors. The original examples designed by Jean-Paul Gaultier remain rare on the market and were only produced in sizes 35 and 40. This example is conservatively estimated at about $11,000 - $16,500. Considering 35cm Shadow Birkins average nearly $28,000 at auction, this presents a rare opportunity to potentially acquire a first-edition example at a great price.
The upcoming Artcurial auction in Monaco offers a unique opportunity for both seasoned and aspiring collectors to acquire some coveted and rare Hermes bags. From Mini Kellys to Shadow Birkins, each piece in this auction tells a story of luxury, craftsmanship, and style. The diverse range of materials, colors, and sizes ensures that there is something to appeal to every taste and interest. This auction is not just about acquiring a new bag, but about investing in a piece of handbag history. As these bags continue to appreciate in value, they serve as a testament to the enduring allure and prestige of the Hermes brand.